Double digit growth at Big Four firm
BIG four firm PricewaterhouseCoopers has reported double digit growth for the second consecutive year.
Revenues are up 11% at the firm, reaching £3.44bn for the year to 30 June 2016, which it says is down to its long-term investment strategy. The firm’s profits increased to £829m.
Sectors of strength include cyber security, data analytics and technology services, with core business areas delivering good growth, although this year it has also been hit with investigations into its auditing of BHS in 2014 and Cattles plc, a Yorkshire-based subprime lender.
The total number of UK equity partners increased to 926, from 885 last year – a 4.6% increase – though distributable profit per partner was down 5% to £706,000. The firm said this was due to its strategy of continuing to invest in people and technology, which included key acquisitions, record partner promotions and increases in staff remuneration.
Ian Morrison, PwC’s Yorkshire & North East regional leader, said that PwC’s Yorkshire practice had delivered another “strong performance.” He said: “This reflects the long term strategy to continue to invest in PwC’s regional presence, with continued investment in technology, infrastructure and people.
“Having centres of excellence based in the region as opposed to London is a clear indication of our commitment to attract the best talent, specialisms and the significant role the region plays in contributing to our continued growth”.
Arif Ahmad, PwC’s office senior partner in Leeds who is also celebrating his 20th anniversary at the firm this week, added: “Our Leeds office has enjoyed another successful year, culminating in the move today to our new premises at Central Square.
“We experienced growth across our business, with double digit revenue increases in our Assurance business from a number of high profile audit wins and increasing demand for our services in areas such as cyber security, combined with increased transactional activity, both in IPOs and M&A activity involving R&R Ice Cream, Priory Healthcare, Nexus Vehicle Rental, Bonmarche and Premier Farnell amongst others.”
The Leeds-based staff of the firm are celebrating not only their strong performance, but a move to their new Central Square offices, following in the footsteps of their colleagues in Sheffield and Newcastle.
The anchor tenant of the M&G development, PwC will be moving its 700 staff to two open-plan floors in the building, which has open-air terraces,
Mr Ahmad said: “We designed it with our people in mind. With 700 staff with an average age of 28, we need to be technology savvy. I’m tech mad myself and it’s the direction of travel with clients as well who expect it.
“We want to move the cross flow of ideas between teams, which is why we have put different teams on different floors. It marks a whole different culture and way of working for PwC.”
They are one of a number of professional services firms to move offices. Earlier this year Squire Patton Boggs moved into 6 Wellington Place, Addleshaw Goddard’s new offices are nearing completion, whilst KPMG made a move to Sovereign Square and RSM is also set to become tenants of Central Square in early 2017.
